The last several months consumers have been feeling the pain at the pump, at the grocery store and in insurance costs. The consumer price index indicates a 6% increase in the index for all items from February 2022 to February 2023. There are many things that affect the price of insurance, but four factors we are going to focus on here are building materials, labor shortages, severe weather events and supply chain issues.   Building materials: Building material prices have increased 33% since the start of the pandemic. It wasn’t long ago that the average cost to rebuild was approximately … Continue reading

Workplace violence is a topic we all fervently hope to never encounter personally, but unfortunately, it is a topic we hear about in the news often. Insurance exists to help financially make people whole after tragic events occur, including a loss of house, auto, business, health, or life. Sadly, people have experienced extreme loss due to workplace violence, and insurance carriers want to provide coverage to help their clients in the face of such tragedy. What is considered workplace violence in the first place? Different insurance carriers will define this in different words. For example, the definition can include intentional … Continue reading

Most people have heard of identity theft, but did you know that a business can also have its identity stolen? Not only can criminals steal an individual’s information, but businesses are also at risk for this type of security breach. Businesses are often more attractive to criminals given the greater opportunity for theft of higher amounts of money at one time. Frequently, criminals will pretend to be someone with a high position in the business, such as an owner or officer in order to steal money or get loans in the business’s name. In the process, they can ruin the … Continue reading

Over the past couple of years, freelancing in the self-employment world has grown in popularity.  This is the type of self-employment where a person’s job is on a per project or contract basis.  Freelancing has a lot of benefits, and also a lot of hurdles to jump through to make a business successful. Just like any kind of self-employment, freelancers must pay for their own insurance, both health insurance and business insurance.  They will never experience the joy of a paid day off or the security of sick pay.  However, freelancers do get a lot of perks, such as the … Continue reading

“Supply chain” is one of the most overused phrases of the past few years. Even so, many people are unaware of all the disruptions that can happen to supply chains and how they can influence daily life. The emergence and widening spread of cargo theft continues to impact supply chain deliveries all over the world on a regular basis. How can a business go about safeguarding itself against cargo thieves? Understanding the most targeted places, times, and items of theft is a big step in preventing loss. Supply chain complexity is growing at a rapid rate. Determining where a business … Continue reading

The beginning of winter often brings pleasant thoughts to mind: upcoming holidays with loved ones, fun outdoor winter activities, and long, cozy nights cuddled up at home.  It should also bring to mind the responsibilities of preparing your business for the impending change of weather.  Start by making a list of tasks to complete and check them off one by one before winter arrives. Slips, trips, and falls become a greater hazard and liability in the winter for businesses.  Snow and ice make walkways even more slippery and dangerous.  Prevent accidents and injuries by having a written snow and ice … Continue reading

Since March of 2020, many commercial building owners have fallen victim to the “retail apocalypse.”  The pandemic made it necessary for countless brick-and-mortar businesses across the country to adapt to both an online retail presence and a work-from-home office set-up. Consumers were also ordered to stay at home when possible. This left many stores devoid of physical customer activity and several buildings across the country that would normally be bustling with life sitting vacant. Some businesses decided to continue this path after the pandemic lessened to a point where they were allowed to reopen their doors. They found it easier … Continue reading

Living and working near large bodies of water like Lake Superior gives contractors much to think about when it comes to insuring their businesses. Did you know that you need special insurance coverage to do construction near navigable waters?  Without it, if you find yourself in the middle of a claim, your loss may not be covered. First, what is the definition of navigable waters?  Any body of water, such as a river, canal, lake, or ocean that is deep, wide, and calm enough for a water vessel to travel along is considered navigable.  It can also be called a … Continue reading

Accidents Happen.  From a simple muscle strain to a serious fall, workplace injuries can significantly affect your employees and your bottom line.  In addition to the direct costs associated with your workers’ compensation insurance, you may have expenses that stem from the hiring and training or replacement workers, lost productivity, accident investigations and more. Even when the right precautions are taken, it only takes a split second for a routine task to turn catastrophic.   Even with the unknowns, however, there are effective ways an employer can help to control the workers’ comp costs.  We want to share one of those … Continue reading

The world today operates online more than ever, especially since the pandemic forced all industries to adapt to doing everything digitally at an accelerated rate. The digital world continues to grow at a rapid pace, and for most people and businesses it would be a difficult task, if not impossible, to get by without access to a smart phone or computer on a regular basis. Many insurance carriers have put the digital world to good use with online claims handling. Did you know that many insurance carriers offer the ability to file or manage a claim online or via an … Continue reading